Bitcoin remains trapped near $67,000 as geopolitical tensions and surging oil prices dampen momentum ahead of the Good Friday holiday.

Brent crude spiked to $120 per barrel - its highest since 2008 - after Iran threatened Gulf energy infrastructure and the Strait of Hormuz, a critical oil transit chokepoint, became destabilized. The move fueled inflation fears, undermining expectations for imminent U.S. rate cuts, a key catalyst for crypto rallies.

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Institutional inflows into spot Bitcoin ETFs held steady at $22 million this week. Yet on-chain data reveals a divergent trend: large holders have offloaded nearly 188,000 BTC since last year’s peak. Nearly half of all circulating Bitcoin is now trading underwater.

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Tether’s market dominance is rising, signaling increased risk aversion. Stablecoin usage typically expands during sell-offs, suggesting underlying market weakness despite ETF inflows.

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With thin liquidity over the long weekend, markets remain vulnerable to surprise Middle East developments or macro shifts. The next catalyst may come from U.S. nonfarm payrolls data and Federal Reserve commentary.